NNPC and NUPRC Remit N322bn, $116.9m Under Executive Order 9 as Nigeria Boosts Oil Revenue Transparency
The Nigerian oil sector recorded a major revenue boost as the NNPC Limited and the Nigerian Upstream Petroleum Regulatory Commission collectively remitted over N322bn and $116.9m into the Federation Account within two months. The inflows followed the enforcement of Executive Order 9 signed by President Bola Tinubu, aimed at improving transparency and strengthening national revenue.
According to documents presented at the Federation Account Allocation Committee (FAAC) meetings, the remittances reflect a stricter compliance drive introduced under the order. Signed in February 2026, Executive Order 9 was designed to reduce leakages in the oil and gas sector by ensuring that all crude oil and gas revenues are fully transferred to the Federation Account, boosting funds available to federal, state, and local governments.
In its breakdown, NNPC Limited reported remitting $29.28m and N42.64bn for March 2026 crude oil and gas earnings shared in April. The funds came from crude exports, Production Sharing Contracts, domestic crude sales to the Dangote Petroleum Refinery, and gas revenues. The company also confirmed full compliance with the directive, stating that 100% of eligible receipts were transferred to the Federation Account.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission remitted N34.2bn for March 2026, covering royalties, gas flare penalties, rents, and other oil-related revenues. However, this represented a significant drop compared to the N124.4bn collected in February, largely due to lower royalty payments and reduced gas flare penalty inflows during the period.
The reforms under Executive Order 9 are expected to strengthen Nigeria’s fiscal position by increasing monthly allocations through FAAC, especially as many states struggle with debt and infrastructure funding gaps. The World Bank has also urged full enforcement of the policy, noting that sustained transparency and the removal of inefficient deductions could further improve Nigeria’s revenue performance.
source: punch